'Diamond Hands' Bitcoin Investor Sells BTC After 5 Years of HODLing

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A "diamond hands" Bitcoin investor, which has been holding the major cryptocurrency for the last five years, has made headlines by selling 199 BTC, valued at approximately $13.55 million, just over one hour ago, as Lookonchain reported. Initially, this anonymous investor had withdrawn 801 BTC, worth around $8.25 million, from the Huobi exchange, at a price of $10,297 five years ago.

However, in the last month, they sold 500 BTC for about $32.13 million. After these transactions, the investor currently holds 301 BTC, equivalent to roughly $20.42 million, resulting in a total profit of $44.28 million.

Meanwhile, the price of the major cryptocurrency continues to circle around the crucial $68,000 level. With no sellers in sight, the consensus opinion at this stage is that if the price holds there and the growth continues toward $70,200, it could mark the beginning of a new wave of growth.

Source: Arkham Intelligence

This logic is based on the fact that BTC has reached the target of $68,550, which is the final target from a technical point of view, with $52,500 as the starting point and key support currently at $65,800. 

BTC to USD by CoinMarketCap

On the one hand, consolidation below this level in the longer term would open the door to levels as low as $63,000 and $55,800 per BTC. On the other hand, as long as we are closer to $70,200, the tug-of-war rope is on the bulls' side.

From this point of view, if the price of Bitcoin remains in a sort of equilibrium, the actions of the so-called "diamond hand" whale are fully understandable and rational, as they are just adjusting the risk to the current not-so-clear picture, still saving most of the holdings as the bullish bias remains the main one.